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KDB Issues 50 Million Dollars of CP in US Market

Mar 09,1999
The Korea Development Bank (KDB) announced on March 9 that it successfully issued 50 million dollars of CP(Commercial Paper) in the United States' market.
KDB explained that the issuing conditions, an interest rate of 6.7 percent (Libor+1.67 percent) and 3 months due, are very favorable. Lehmann Brothers, a US investment bank, is the main broker of the deal.
This is the first time a Korean bank has succeeded in issuing CP in the US market since the IMF bail out, even though they have been successful in the European market.
A source at the KDB commented, 'Borrowing conditions by Korean banks in overseas markets are being vastly improved because major credit rating agencies have raised Korea's sovereign rating, and world markets feel that Korean banks are healthier and more financially sound since their restructuring.'


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